Digital Banking Consumers Demand Hyper Personalization.
Thirty three percent of consumers who abandoned a business relationship did so because they were looking for a personalize service.
Consumers want to have a personalize service in every business relationship. Nowadays is no longer acceptable to place consumers or clients in segments that are defined only by age or income, or lack of differentiation based only on the length, depth, value or life stage of the relationship.
Consumers know that the companies have enough information to know them, look out for them and of course, reward them. Especially if the relationship is digital in nature. According to the 2017 Global Consumer Pulse Research, 48% of consumers expect to have special treatment for being a good customer, and 33% of consumers abandoned the relationship because they felt they weren’t receiving a personalized service.
Only 22% of global consumers acknowledge that the companies they do business with, personalize experiences based on their needs, preferences and past interactions.
The Age of Hyper Relevance
According to Accenture, companies need two important things to deliver the level of personalized services expected.
Consumer Insight: To achieve this level of personalization required, organizations need much more than the traditional data points of age income, length of relationship, services held, balances, etc. The need to understand behavior, social interactions, among other things. The good news is that nearly two thirds of the households are willing to share this information in exchange for perceived value according to the Digital Banking Report, The Power of Personalization in Banking.
Consumer Trust : The ability to capture in depth insights is the prerequisite of establishing trust. Trust takes time, requires constant and continuous interaction and can be broken in a single misstep. This is important to understand, especially as we create digital interactions based on algorithms and artificial intelligence. This is why companies are taking more steps towards protecting their customer’s personal data.
Source The Financial Brand.